By: Ben Myers
BTC/USD is trading in a narrow range with positive bias after opening at $476.58 it went down all the way till $459.84 before rebounding to currently trade at $476.58 . It has strong support at $456.32 and resistance on upside near $485 and $500 on upside. Going forward traders should keep a close eye on price/volume action on upside to confirm the trend.
Apple Inc. (NASDAQ:AAPL) has launched a new mobile payment system, ApplePay, which has an increased layer of security feature called SecureElement. The system is based on NFC (near field communication) and has Touch ID. Everytime a user will transact through ApplePay, he will receive a unique transaction number generated by the system each time, thereby, doing away with the traditional payment systems. Such features will keep away the financial data of a person away, thus saving him from the risk of loosing the same in case of theft or loss of iPhone. However, Apple stayed mum as to what the system will offer to the bitcoin community. Apple CEO, Tim Cook, briefly noted that they will soon release ApplePay API, which will give opportunity to developers create bitcoin based apps.
Unlike Apple that said little about bitcoin, Braintree, which has been acquired by eBay Inc (NASDAQ:EBAY) last year, said that they will support ApplePay and will roll out the details shortly. Earlier yesterday, Braintree CEO, Bill Ready, had announced that they will soon start processing payments in bitcoin through Coinbase.
Apart from this, a hacker has claimed that he has hacked into the personal e-mail account of the bitcoin founder, Satoshi Nakamoto. The news was first reported by Wired Magazine, where it mentioned that a hacker named Jeffrey has broken into the personal information of Nakamoto and has asked a price of 25 bitcoins (BTC) that is around $12,000 to release documents. However, there is little possibility that the hacker is really successful in his attempt and even if he has really got hands on the information then still he would not be able to hack the extensively secured bitcoin network.
Actionable Insight:
Buy BTC/USD above $483 for target of $490 and $500 with stoploss of $478
